Barry Cottle, CEO of Scientific Games, has offered to take a 100 percent pay cut while the company creates a poverty relief fund for workers and their immediate families financially impacted by the COVID-19 crisis.
In addition, the organisation is introducing a number of cost-saving initiatives to provide team members with flexibility and protect the operations of the organisation during the COVID-19 lockdown phase.
Cottle commented: “Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak. We are working around the clock to take care of our employees, customers, shareholders and other key stakeholders in these difficult times, while providing uninterrupted products and services to those customers who continue to operate.
“Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver, and also refinanced our debt, extended our major maturities and lowered our interest expense. We have a diverse portfolio of assets, product and services that uniquely position us to weather this crisis.
“We are taking a variety of actions to help ensure that we meet the demands of this outbreak and are ready when the industry begins to recover. I am confident that the measures we are taking now will prepare us to come out of the crisis even stronger than before. And, I have never been prouder to lead a team where everyone is stepping up to help each other, our partners and our company.”
Some of the organisation’s activities include employee hour and wage cuts to retain as many workers as possible, as well as furloughs for those support positions that have seen business employment decline.
As part of these cost-saving steps, the company’s executive leadership team has agreed to a voluntary 50 percent wage reduction, with Cottle pledging a 100 percent pay reduction.
The CEO continued: “We recognise that the temporary furloughs that are made necessary by the impact of COVID-19 on our company create substantial hardship for the furloughed employees and their families.
“We are establishing a Hardship Relief Fund to provide short-term assistance to those employees and their immediate families who incur unexpected and onerous personal, family, or living expenses as a result of the COVID-19 crisis.”
Scientific Games said it would continue to evaluate the situation and determine the length of cost-savings initiatives based on COVID-19’s continuing effects.